Future Play has completed pre- IPO ( pre-IPO equity investment ) funding worth 15 billion won ($11.6 million) ahead of its initial public offering (IPO). Future Play is a Korean startup accelerator established in 2013, taking the lead in discovering and nurturing technology-based startups, initial investment and company building, and setting an open innovation system with large corporations.
The company value recognized in this pre- IPO reaches 200 billion won ($155 million). SM Entertainment, Home & Shopping, Red Hill Asset Management, DS Asset Management, and KT participated in this investment. This pre- IPO round for the company is not just centered on financial investors. It is characterized by the participation of many strategic investors in the industry, who can be strong business allies after the IPO. In particular, in this investment, vital players in the field such as entertainment, commerce, and communication / digital platform are there, which Future Play considers promising business areas for the future.
IPO in the second half of the year
Future Play’s 2021 operating revenue (sales) was 57 billion won ($44 million), and net profit was 35.86 billion won ($27.8 million). Equity (net assets) is 58.66 billion won ($45.67 million) (as of the end of 2021). Future Play plans to challenge the public offering based on this pre- IPO. In May last year, LX International, DB Financial Investment, Profit Asset Management, and Data Solutions completed the 10 billion won ($7.7 million) Series B investment.
Future Play has selected Daishin Securities as the lead manager and started full-fledged IPO work with the goal of an IPO within 2022. It plans to submit a preliminary examination request with the goal of listing in the second half of the year.
This latest funding will contribute to startup investment and expansion of the ecosystem and will lay the foundation for preemptively investing more in more valuable future startups. So far, Future Play has invested in more than 190 companies and launched the Human Acceleration Group, a new organization for strengthening and growth of individual capabilities and startups.
The company is trying to develop and expand new businesses in various fields, taking a step different from existing accelerators. Future Play plans to invest in its initiative group for new business/product planning and specialization/acceleration of startup company buildings. ‘Future Kitchen,’ an unmanned automated robot kitchen platform, and artificial intelligence-based beauty tech startups, ‘Future Beauty’ and ‘Human Acceleration, ‘are its new businesses.
Future Play has been recognized in the industry through collaborations and partnerships with corporate partners while securing precise results through experience and expertise. Future Play CEO Ryu Joong said, “As a hub connecting startups and large companies, the existing shareholders of Future Play were not just financial investors, but strong supporters of the Future Play ecosystem. As market powerhouses with expertise in various fields such as commerce, and communication networks, we expect them to support and participate in the new startup platform that Future Play will create even after the IPO.”
